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Find out moreThe final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.
Read the full editionAhmed Al Jumaili
Additionally, these agents contribute greatly towards making sure that the required raw materials and production requirements for the private industrial and trading sectors are provided for. Furthermore, it is important to note the importance of the existence of such business structures, due to the nature and character of the current global economy.
In terms of the definitions of commercial agency and commercial agent, Article 3 of the Commercial Agents Law No. (51) for the year 2000 (the “Law”) defines the Commercial Agency as “every business which is practiced in Iraq by an agent on behalf of a natural person or corporate body abroad whether it is a commercial agency, a commission agency, or any other commercial agency provided for by the laws of commerce, companies, and transportation”. Furthermore, Article (3) of the Law further states that a commercial agent includes any natural person or corporate body who practices any commercial agency business provided for by the Law.
Article 8 of the Law provides that “the Registrar may decide to regard any commercial activity carried out in Iraq by a natural or judicial person and on the basis of legal evidence, as a commercial agency subject to the provisions of this law.
Under the Law, a commercial agent must be licensed as a commercial agent by the Companies’ Registrar of the Ministry of Trade, provided that he satisfies the following requirements:
(a) If natural person:
(b) If judicial person:
Procedures for obtaining the license of the commercial agency
In terms of the procedures necessary for obtaining a commercial agency in Iraq, the Law states that any person or entity wishing to obtain the status of a commercial agency shall submit a written request to the Department of Commercial Agencies in the Registrar of Companies supported with the documents included hereto bellow. Further, the Law has entrusted the Registrar of Companies officials with the responsibility of checking the documents submitted as well as attending to the competent authorities (such as the Ministry of Interior and the Ministry of National Security Affairs) in order to obtain the approval of granting the commercial agency license to the applicant.
What are the required documents for obtaining a license to practice acts of the Commercial Agency Business?
By virtue the provisions of the Article 4 of the Law, some of the required documents for obtaining the license to practice activities of commercial agency are as follows:
Conclusion:
The Commercial Agents Law No, 51 for the year 2000 allows for a wide definition when it comes to commercial agencies and commercial agents in Iraq. Amongst many things, this contributes to the development of the commercial sector in Iraq and opens the door for the expansion of the Iraqi markets both locally and internationally.
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